Axis Bank digital shift cuts fraud by 70 per cent through in-app OTP security

Axis Bank on Wednesday said it has been able to cut internet banking fraud significantly using its mobile banking app after replacing SMS-based one-time passwords (OTPs) with a more secure in-app OTP authentication.

It has introduced a suite of security measures, including in-app OTPs, facial authentication and customer-controlled transaction safeguards, while embedding AI-driven risk monitoring systems to detect suspicious activity in real time.